5 Best Shipping Stocks that Pay Dividends

2. Genco Shipping & Trading Limited (NYSE: GNK)

Dividend Yield: 1.28%
Number of Hedge Fund Holders: 22

Genco Shipping & Trading Limited (NYSE: GNK) is a New York-based provider of global seaborne dry bulk transportation services that was founded in 2004. It is ranked second on our list of 10 best shipping stocks that pay dividends. As of February 2021, the company owned a fleet of 41 vessels that transports dry-bulk cargoes including iron ore, steel products, coal, and grains. For the first quarter of 2021, Genco Shipping & Trading Limited upped its quarterly cash dividend to $0.05 per share, up from $0.02 per share in March. 

The company has a market cap of $662 million. For the first quarter of 2021, the company earned $2.0 million in net income or $0.05 in basic and diluted earnings per share. As of March 31, 2021, the brand has a great financial position with $164.0 million in cash, including $40.8 million in restricted cash. Shares of GNK increased 235% over the past twelve months. On May 6, Jefferies recommended Genco Shipping & Trading as a Buy and raised the price target to $20. 

At the end of the first quarter of 2021, 22 hedge funds in the database of Insider Monkey held stakes worth $121 million in Genco Shipping & Trading Limited (NYSE: GNK), up from 15 in the preceding quarter worth $142 million.